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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Summary selected financial data of consolidated VIEs

Below is a summary of selected financial data of such consolidated VIEs, included on our consolidated balance sheets at December 31, 2023 and 2022 (in thousands):


	December 31, 2023		December 31, 2022
Net real estate	$	2,866,272	$	920,032
Total assets	$	3,588,720	$	1,082,346
Total liabilities	$	134,366	$	60,127

Schedule of Property, Plant and Equipment

Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:


Buildings			25 to 35 years
Building improvements			4 to 35 years
Equipment			5 to 25 years
Lease commissions and property improvements to accommodate the client's use			The shorter of the term of the related lease or useful life
Acquired in-place leases			Remaining terms of the respective leases

Schedule of Revenue from External Customers by Products and Services

The following table disaggregates domestic and international revenue by major asset types and geographic regions (in millions):


	Years ended December 31,
	2023
	U.S.		U.K.		Other (1)		Total
Retail	$	2,754.2	$	374.0	$	65.4	$	3,193.6
Industrial	515.4		43.7		—		559.1
Other (2)	205.5		—		—		205.5
Rental (including reimbursable)	$	3,475.1	$	417.7	$	65.4	$	3,958.2
Other revenue							120.8
Total revenue							$	4,079.0

	2022
	U.S.		U.K.		Other (1)		Total
Retail	$	2,455.9	$	243.3	$	30.9	$	2,730.1
Industrial	465.2		30.2		—		495.4
Other (2)	74.2		—		—		74.2
Rental (including reimbursable)	$	2,995.3	$	273.5	$	30.9	$	3,299.7
Other revenue							44.0
Total revenue							$	3,343.7

	2021
	U.S.		U.K.		Other (1)		Total
Retail	$	1,566.7	$	138.9	$	4.2	$	1,709.8
Industrial	261.5		9.6		—		271.1
Other (2)	84.1		—		—		84.1
Rental (including reimbursable)	$	1,912.3	$	148.5	$	—	$	2,065.0
Other revenue							15.5
Total revenue							$	2,080.5

(1) Other includes properties in Spain, starting in September 2021, in Italy, starting in October 2022, in Ireland, starting in June 2023, and in France, Germany, and Portugal starting in December 2023.

(2) Other includes the following asset types: office, agriculture and gaming.

Schedule of Reconciliation of Assets from Segment to Consolidated

As of December 31, 2023, no individual country or asset-type represented more than 10% of total revenue, other than as presented in the tables above. In addition, as of December 31, 2023, no individual country or asset-type represented more than 10% of the total assets, other than as presented in the tables below. The following table disaggregates domestic and international total long-lived assets (in millions):


	As of December 31,
	2023								2022
	U.S.		U.K.		Other (1)		Total		U.S.		U.K.		Other (1)		Total
Long-lived assets	$	36,577.1	$	6,787.1	$	1,496.1	$	44,860.3	$	33,685.6	$	4,596.1	$	582.7	$	38,864.4
Remaining assets							12,919.1								10,808.7
Total assets							$	57,779.4							$	49,673.1

(1) Other includes properties in Spain, starting in September 2021, in Italy, starting in October 2022, in Ireland, starting in June 2023, and in France, Germany, and Portugal, starting in December 2023.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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